Manitou Gold Inc. Reports New Gold Discovery on Merrill Patents
02.02.2012 | Marketwire
SUDBURY, ONTARIO -- (Marketwire - Feb. 2, 2012) - Manitou Gold Inc. (TSX VENTURE: MTU) ("Manitou") announces the receipt of assay results from the 2011 diamond drilling program on the Merrill Patents located in Northwestern Ontario. Seven drill holes totaling 743 m were drilled on the property, which is situated approximately 10 km northeast of the Company's Gaffney Extension Project and 16 km southwest of the Company's Kenwest project.Drill hole ML-11-01 intersected an 11.0 m wide interval, which averaged 2.2 g/t Au and included a 2.0 m interval that assayed 8.2 g/t Au. The gold intersection is at a shallow depth, approximately 65 m below surface, and is augmented by two intersections in diamond drill hole ML-11-02 (see cross section on the Company's web site at www.manitougold.com/merrill.html). Gold mineralization is hosted within a number of discrete shear zones, which contain variable amounts of quartz veins and sulphide mineralization. Based upon surface prospecting in the fall of 2011 and the success of the initial drill program, the shear zones demonstrate good potential for continuity along strike and at depth. It is significant that all seven holes intersected gold mineralization in a first pass, wide spaced, drill program (see Table 1).
Table 1: Summary of Merrill Patents Drill Results
DDH From(m) To(m) Width(m) g/t(Au)
ML-11-01 50.3 54.3 3.0 1.8
ML-11-01 59.0 61.0 2.0 0.9
ML-11-01 68.0 79.0 11.0 2.2
-including 74.0 76.0 2.0 8.2
ML-11-01 104.7 106.6 1.9 0.6
ML-11-02 44.0 46.0 2.0 0.7
ML-11-02 60.0 62.2 2.2 0.4
ML-11-03 29.5 33.5 4.0 1.4
ML-11-03 53.3 54.3 1.0 2.8
ML-11-04 46.3 47.3 1.0 2.5
ML-11-05 20.5 24.5 4.0 1.2
ML-11-05 41.2 43.1 1.9 0.5
ML-11-05 52.0 54.7 2.7 0.5
ML-11-06 20.5 25.2 4.7 0.6
ML-11-07 29.2 32.2 3.0 2.5
ML-11-07 39.2 47.2 8.0 1.1
ML-11-07 103.7 107.8 4.1 0.4
Todd Keast President of Manitou Gold added "Manitou Gold completed the first documented drill program on the historical patents and clearly demonstrated the presence of gold within the system. The Merrill Patents present another of a growing number of promising gold properties along the Manitou Straits Deformation Zone. The Company currently has a drill working on the Kenwest Project and is preparing to move to ice drilling on the Gaffney Extension in the next few days. We are excited to be returning to follow up on the recent exploration success that we had at Gaffney last fall."
Gold on the Merrill Patents gold showing was discovered in 1895 and it initially operated as a placer gold operation. The gold recovered in the placer operation was believed to originate from a number of proximal gold bearing quartz veins. Several periods of prospecting between 1932 and 1939 led to the discovery of two parallel shear structures (the West Shear Zone and the East Shear Zone). The West Shear Zone was found to be comprised of four parallel quartz veins contained within a 25 m wide shear, which was traced for 80 m along strike. Government geologists in 1934 obtained assays of 0.16 ounce per ton Au across 3 feet and 4.64 ounces per ton Au from a grab sample. The Ontario Geological Survey in 1990 received assay results ranging from nil to 4.4 g/t Au. (Delisle, P.C. 1990. Property visits by the Dryden Area Mineral Commodity Geologist; Ontario Geological Survey, Open File Report 5731, 155p.) No modern exploration has been conducted on the property.
The Qualified Person responsible for the technical content of this news release is Todd Keast, P. Geo., President of Manitou Gold Inc. Mr. Keast has verified all of the technical data contained in this release.
The Company has implemented a quality control program to ensure best practice in sampling and analysis. Assayed samples are transported in security sealed bags for preparation and analysis at ALS Chemex facilities. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. Core samples were analyzed for gold by 50-gm fire assay with AA finish and by gravimetric methods. Samples with visible gold are assayed by screened total metallics.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Manitou Gold Inc.
Todd Keast, President
705-222-8800
705-222-8801 (FAX)
info@manitougold.com
Manitou Gold Inc.
Michael Murphy
Director, Corporate Communications
705-222-8800
705-222-8801 (FAX)
mmurphy@manitougold.com
www.manitougold.com